Singletrack Forum » Topic: Life Insurance - Worth It?http://singletrackworld.com/forum/topic/life-insurance-worth-it-1
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konagirl on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1/page/2#post-5473344
Thu, 31 Oct 2013 17:47:33 +0000konagirl5473344@http://singletrackworld.com/forum/<p>The life insurance cover only covers the period stated on the insurance document, so generally until retirement age. The chance of an individual of working age being diagnosed with a critical (though not necessarily terminal) illness is greater than the chance of that individual dying over the period of cover (i.e. generally before they are 60/65). </p>
<p>And, you can be diagnosed with multiple critical ilnesses during the period of cover. As long as the original policy allows you to continue with the policy if it pays out once, you would be entitled to claim again if you are diagnosed with something else, or you could claim multiply and simultaneously if you have a number of different injuries or illnesses that prohibited you from work under the different Sections of the cover.
</p>DaveyBoyWonder on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1/page/2#post-5473298
Thu, 31 Oct 2013 17:28:57 +0000DaveyBoyWonder5473298@http://singletrackworld.com/forum/<p>I've not researched the subject thoroughly but last time I checked, there is a 100% chance you'll die and less than a 100% chance you'll get a critical illness.</p>
<p>Therefore you are NOT more likely to get ill than die.</p>
<p>That is unless you can show me some evidence that either we won't all die/there is a +100% chance of contracting an illness. Which there isn't.
</p>chiefinspector on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1/page/2#post-5468444
Wed, 30 Oct 2013 09:14:50 +0000chiefinspector5468444@http://singletrackworld.com/forum/<p><blockquote>TBH, you are much more likely to get ill than you are to die.</p>
<p>what. the. actual. ****?</blockquote></p>
<p>Do your research DavyBoySmith. This is what all the insurance companies will tell you. More and more people are living longer and in this time the chances of getting a critical illness increase.
</p>b r on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5467309
Tue, 29 Oct 2013 20:09:02 +0000b r5467309@http://singletrackworld.com/forum/<p><em>Only if you have debt IE Mortgage or loan as it would pay either off<br />
instead of leaving it to your partner or a member of the family whom may of<br />
taken the debt out for you. </em></p>
<p>Eh - wouldn't you rather that they were set up for life, rather than just 'evens'?</p>
<p>As said it's pence, about £10pcm will buy you +£100k of cover even for someone in their 30's.
</p>grantway on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5467222
Tue, 29 Oct 2013 19:41:00 +0000grantway5467222@http://singletrackworld.com/forum/<p>Only if you have debt IE Mortgage or loan as it would pay either off<br />
instead of leaving it to your partner or a member of the family whom may of<br />
taken the debt out for you.
</p>dannybgoode on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5467219
Tue, 29 Oct 2013 19:38:56 +0000dannybgoode5467219@http://singletrackworld.com/forum/<p>Insure yourself for as high an amount as a) you feel sensible and b) you can afford now whilst you are fit and healthy.</p>
<p>As also suggested each get your own policies - it doesn't work out too much more expensive than joint life cover. Seriously consider critical illness also.</p>
<p>Reasons</p>
<p>1/ it will be cheap now</p>
<p>2/ If (as happened to me) you suffer a serious illness trying to increase your cover later will be either very expensive or just not possible at all.</p>
<p>3/ If you go your own separate ways you are still covered (see 2 above)</p>
<p>4/ Inflation does nasty things to what seems like a lot of money now (bear in mind 25 year terms are not uncommon)</p>
<p>5/ DISCLOSE EVERYTHING - If you smoke or have done in the last 12 months tell them when asked. If you have had a medical investigations, tell them. You won't be around to sort out the mess if the insurance co starts asking questions when a pay out is needed (they are generally pretty good but if they sense an opportunity not to pay they will take it).</p>
<p>Cheers</p>
<p>Danny B
</p>thomthumb on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466986
Tue, 29 Oct 2013 17:54:22 +0000thomthumb5466986@http://singletrackworld.com/forum/<p>worth getting seperate policys; so there is no need to renegotiate if one of you 'pays out'.
</p>DaveyBoyWonder on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466975
Tue, 29 Oct 2013 17:51:51 +0000DaveyBoyWonder5466975@http://singletrackworld.com/forum/<p><blockquote>TBH, you are much more likely to get ill than you are to die.</blockquote></p>
<p>what. the. actual. ****?
</p>dooosuk on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466971
Tue, 29 Oct 2013 17:49:55 +0000dooosuk5466971@http://singletrackworld.com/forum/<p><blockquote>We get something like 4x salary death in service benefit through work.</blockquote></p>
<p>Which is all very well in your current job, but your next one might not offer it as a benefit.
</p>footflaps on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466934
Tue, 29 Oct 2013 17:37:53 +0000footflaps5466934@http://singletrackworld.com/forum/<p>We get something like 4x salary death in service benefit through work.
</p>jambalaya on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466821
Tue, 29 Oct 2013 16:57:55 +0000jambalaya5466821@http://singletrackworld.com/forum/<p>OP - my suggestion would be just get simple term life cover (i.e. you pick for how long you want it) - you can look at joint life with the Mrs too if you want. I used to have quite a lot, less now I'm 50 as it's running off and we'd planned it that way as kids are grown up and gone. I would get the full amount not just "your share" of course it's cost dependent. As for "rich parents" I guess it's possible that if you die first they may not leave your wife anything, it's not uncommon.</p>
<p>The full benefits cover above is very good but it's much more expensive.</p>
<p>Mortgage assurance I wouldn't bother with, just get term life.</p>
<p>Basically the younger you are when you start the policy the cheaper it will be, so whilst you can add on later it generally gets progressively more expensive.
</p>kcal on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466694
Tue, 29 Oct 2013 16:14:30 +0000kcal5466694@http://singletrackworld.com/forum/<p>employment death in service is worth a look; if you think that, when you need the cover, you'll still be there. Otherwise, get your own cover now while it's cheaper..</p>
<p>death (soon) is not so likely but handy to have cover in case. Critical illness cover is possibly more likely as above - but because of that, and as you get older lots more things are likely to happen, it becomes more expensive - prohibitively so for us.</p>
<p>So, simple joint life cover for us..
</p>jekkyl on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466686
Tue, 29 Oct 2013 16:12:05 +0000jekkyl5466686@http://singletrackworld.com/forum/<p>no you don't get any money back if you don't die. Take out a level term policy iiwy as they're not much more expensive and the cover remains the same instead of decreasing in line with mortgage.
</p>no_eyed_deer on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466625
Tue, 29 Oct 2013 15:53:19 +0000no_eyed_deer5466625@http://singletrackworld.com/forum/<p>Surely it's only any use if you die... and then, who cares? Money for old 26er wheels if you ask me.. <img src="http://singletrackworld.com/forum/my-plugins/bbcode-buttons/default/icon_wink.gif" title=";-)" class="bb_smilies" alt=""/> </p>curiousyellow on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466278
Tue, 29 Oct 2013 14:09:29 +0000curiousyellow5466278@http://singletrackworld.com/forum/<p>Yup checking death in service benefits at the moment.</p>
<p>Been doing some reading on it as well. So what's the deal with mortgage assurance versus life insurance? I get that the mortgage assurance payments decrease as the term ticks down, but what happens at the end? Do you get any of the money you paid in back?</p>
<p>@samuri Marry at haste repent at leisure eh? I've been there.
</p>chiefinspector on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466270
Tue, 29 Oct 2013 14:07:19 +0000chiefinspector5466270@http://singletrackworld.com/forum/<p>TBH, you are much more likely to get ill than you are to die. While life insurance is a great thing it is more worthwhile to have critical illness cover in place (or both if your willing to pay). </p>
<p>I was diagnosed with a critical illness earlier this year but have gone on to make an almost full recovery and i had 2 policies in place that both paid out. I had been paying them for almost 10 years at roughly £30 per policy and was considering cancelling the payments as i didn't think it was worth it. Thank god i never did. As someone who as been through it i can't stress enough how important it is as you just never know whats going to happen.
</p>samuri on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466155
Tue, 29 Oct 2013 13:40:46 +0000samuri5466155@http://singletrackworld.com/forum/<p>It's better when you're a couple and you're getting life insurance on your mortgage but can only afford to insure one of you. You then have to clinically assess who might be the biggest loss and insure that person.</p>
<p>God, the arguments that created. As a bloke it's simple, biggest earner gets insured. Of course, this meant I was calling her a whore and I hated her and all her family. Obviously I didn't say any of those things but by insuring myself, making sure she would be financially secure...I IMPLIED it.
</p>allmountainventure on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466153
Tue, 29 Oct 2013 13:40:30 +0000allmountainventure5466153@http://singletrackworld.com/forum/<p>When my dad was killed it was worth it. Couldn't bring him back but made a big difference to a non working (at the time) mum left behind with 2 small kids.
</p>towzer on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5466137
Tue, 29 Oct 2013 13:35:46 +0000towzer5466137@http://singletrackworld.com/forum/<p>? have you checked your employment contract - many have death in service benefits. (As well as life assurrance I'd think about illness/inability to work cover etc)</p>
<p>I'd say you want to cover your costs plus to be fair to parner - ie build them a bit of breathing space financially speaking.
</p>curiousyellow on "Life Insurance - Worth It?"http://singletrackworld.com/forum/topic/life-insurance-worth-it-1#post-5465642
Tue, 29 Oct 2013 11:27:22 +0000curiousyellow5465642@http://singletrackworld.com/forum/<p>No, never had it before. Didn't have any dependents and had rich parents!
</p>